The Council is chaired by the Union Finance Minister and its members are Governor, Reserve Bank of India; Finance Secretary and/or Secretary, Department of Economic Affairs; Secretary, Department of Financial Services; Chief Economic Adviser, Ministry of Finance; Chairman, Securities and Exchange Board of India; Chairman, Insurance Regulatory and Development Authority and Chairman, Pension Fund Regulatory and Development Authority.

Recently during its first meeting of FSDC as chairman the new finance minister emphasized the need for financial stability and the need for coordinated approach by all the Financial Sector Regulators to achieve the same.During the meeting the Council noted that recently there is improvement in vital macroeconomic parameters such as decline in fiscal deficit, reduction in the Current Account Deficit (CAD), increase in forex reserves and relative stability of exchange rate. However, there is a long way to go in terms of reviving economic growth, controlling inflation especially food inflation, keeping deficit under control, addressing infrastructure bottlenecks and finding ways to absorb the growing workforce in a productive and meaningful manner. There is also a need to continue to be in a state of preparedness for managing any external sector vulnerabilities.